A US bank has now confirmed more painful layoffs this year, though the amount has not yet been disclosed, per CBS news.
On Tuesday, PNC Bank did not say how many workers will lose their jobs but did confirm the cuts.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania.
Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs.
According to the Pittsburgh Post-Gazette, PNC is laying off the workers before the end of the year, though some received notice as early as this week.
“As part of our strong focus on expense management, we have reviewed our organizational structure and have identified an opportunity to better position our company for long-term success,” PNC said in a statement to KDKA-TV.
“This includes a shift away from work not fully aligned to our strategic priorities and will result in a reduction in staffing levels in certain areas.
While these decisions are never easy, we believe these measures will help us more effectively and efficiently deliver for our customers and stakeholders, now and going forward.”
In 2020, PNC closed dozens of branches, including eight in Pittsburgh.
Earlier this year, PNC reportedly closed banks in seven states.
In October 2022, PNC Bank announced 20 branch consolidations.
Three of the consolidations were in the Pittsburgh region.
The Post-Gazette reports that at the beginning of 2023, PNC had a goal of cutting $400 million in expenses by the end of the year, but company leaders later increased the goal to $450 million.
PNC has 11,600 workers in the region and more than 61,000 companywide, according to the newspaper.
Other Economy News Today
A US trucking company now declares an unexpected bankruptcy leaving many employees without a job and several others in uncertainty.
Transport Acquisitions LLC, along with three other affiliates, have filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Indiana.
The company, which has operated for more than 80 years and has 200 trucks with more than 300 units, is expected to let go of 40 employees so far.
No reason was given as to why the entities were forced to file for bankruptcy protection, reports Yahoo Finance.
It lists between $1 million and $10 million in assets and $10 million to $50 million in liabilities in the bankruptcy petition filing.
“A liquidation of the business would result in all employees losing their jobs,” reports Ash Jurberg.
It is the latest blow to the transportation industry in Indiana.
But it is not the only freight company to have experienced difficulties lately.
Last month, Yellow filed for Chapter 11 bankruptcy protection, laying off 30,000 workers.
In what The Wall Street Journal described as “American Trucking’s Largest Bankruptcy,” the Chapter 11 filing revealed estimated total assets of $2.15billion and total debt of $2.59 billion.
Bosses at Yellow pointed the finger at the Teamsters union for the company’s demise.
Around 22,000 employees were Teamsters members.
Chief executive officer Darren Hawkins claimed Teamsters leadership ”was able to halt our business plan, literally driving our company out of business.”
But the union’s general president Sean O’Brien hit back, saying: “Yellow’s dysfunctional, greedy C-suite failed to take responsibility for squandering all that cash. They still don’t.”
But it is not just freight companies that have suffered from high-profile bankruptcies in 2023.
The retail industry has also taken a hammering, with several big names closing down all their stores for good.
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